Cincinnati Housing Market
I get asked this question all the time and the short answer is NO.
I know, I know… your uncle’s cousin’s friend may have told you otherwise, but as a realtor who has been helping families buy and sell homes in Greater Cincinnati for almost 20 years, I can tell you with authority it’s not. Here’s why:
• Supply is still super low. The leading indicator we look at is the absorption rate – if no more homes came on the market, how long would it take for all the current houses for sale to be bought up. Right now, it’s still less than a month. With inventory so low that means…
• Demand continues to be HIGH. This is the same thing we saw throughout the pandemic. It’s still a really competitive market. We are still seeing houses that sell in less than 24 hours and bidding wars that escalate quickly.
• Interest Rates Are Not That Much of a Factor. While they are higher than in recent years – they’re still not outrageous – and what many of us remember paying throughout our lives. They’re coming up to average and most folks realize that was bound to happen sometime. It’s not a deal breaker in this housing market.
You might be saying to yourself, we’ll you’re a realtor, of course, that’s what you’d say. True, I have a vested interest. AND I don’t make any money unless there’s a closing. So, it’s in my best interest (and yours) to give you the most up-to-date accurate information so we can meet our mutual goals: getting the most for your current home and helping you find your next home and GET IT with minimal issues. My research comes from what I am seeing right here in Cincinnati every day.
So the great news is: You can still get top dollar for your home.
And the Michelle Hudepohl Group is right here with you every step of the way to help you navigate this still challenging market to find the next place you and yours will find happiness at home.
Fondly, Michelle Hudepohl
P.S. Prime example: A recent listing had 20 showings in the first 2 days and after multiple offers, they ended up with an offer they couldn’t refuse!
P.P.S. As is always the case, there are a few homes that are lingering on the market (maybe you have one in your neighborhood. When we take folks to look at those homes we usually find that they either have a problem not mentioned in the listing (anything from inspection issue to horrible layout) and/or are way overpriced. The house just doesn’t have what it takes to demand that kind of price. This wastes the time of the seller and potential buyers. Another reason why working with seasoned and straightforward professionals is so important.